Segment
Risk Management
Willis reports profits of $169 million for Q1
April 26, 2007 by Canadian UnderwriterWillis Group reported a net income of US$169 million [approximately Cdn$189 million] for 2007 Q1, as compared to US$140 million [approximately Cdn$156 million].Each business unit contributed to overall organic growth in commissions and fees in the first quarter, with global…
Boost Canadian Wheat Board as risk management tool, CWB director says
April 25, 2007 by Canadian UnderwriterIn a plea to the Commons Standing Committee on Agriculture, Ian McCreary, farmer-elected director of the Canadian Wheat Board (CWB), asked for legislative support to strengthen the CWB and thereby help manage farmers risks. Risk management tools such as the…
Insurers advised to insure against contagions, not pandemics
April 24, 2007 by Canadian UnderwriterInsurers need to consider insuring against a contagion, rather than a pandemic, Barrett Hubbard, managing director of MINT Canadian Specialty, told attendants of the Insurance Institute Ontario Chartered Insurance Professionals Societys Symposium 2007.A pandemic is an epidemic that is geographically…
Cross-communication required when developing catastrophe contingencies
April 24, 2007 by Canadian UnderwriterAttendees at the The Insurance Institute Ontario – Chartered Insurance Professionals Societys Symposium 2007 were warned to focus on their companies interdependencies and resiliencies while developing a catastrophe contingency plan.Bruce Nelson, critical infrastructure assurance program coordinator for Emergency Management Ontario,…
Chubb reports 2007 Q1 income increase
April 23, 2007 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] reported 2007 Q1 income of US$710 million, compared to a 2006 Q1 income of US$672 million.Net written premiums for 2007 Q1 declined 2%, to US$2.9 billion. Premiums for the insurance business increased 1%; they decreased…
S&P’s raises Lloyd’s financial strength rating to ‘A+’
April 23, 2007 by Canadian UnderwriterStandard & Poor’s Ratings Services increased its financial strength rating on the U.K.-based Lloyd’s insurance market (Lloyd’s or the Market) to ‘A+’ from ‘A.’ At the same time, Standard & Poor’s raised its counterparty credit rating on The Society of…
What’s New: In Brief (April 20, 2007)
April 20, 2007 by Canadian UnderwriterThe Women in Cancer Crusade (WICC) Alberta chapter is rallying around its Fifth Annual WICC Day, to be held May 1, 2007.Your generosity in supporting WICC has resulted in contributions of more than Cdn$525,000 to the Alberta division of the…
Newport purchases majority of Baird MacGregor Insurance Brokers
April 18, 2007 by Canadian UnderwriterNewport Partners Income Fund (TSX: NPF.UN) announced it has invested $18.2 million cash for a 77.5% interest in the business of Toronto-based Baird MacGregor Insurance Brokers LP (BMI), an insurance broker specializing in the transportation and logistics industries in Ontario.Under…
Interest in stand-alone terrorism cover increases in Canada
April 18, 2007 by Canadian UnderwriterA combination of increased capacity, more predictable premium rates and innovative program design is creating steady growth in the take up of stand-alone terrorism insurance, according to Aons latest Stand-alone terrorism market update. Also, the ongoing bombardment of television images…
New Jersey tops list of U.S. states vulnerable to insured tornado damages
April 17, 2007 by Canadian UnderwriterWhen you think of U.S. states most vulnerable to huge insured tornado damage losses, think New Jersey.In its 2007 Special Report: U.S. Tornadoes, A.M. Best notes that New Jersey tops Connecticut, Massachusetts, Ohio and Rhode Island for the title of…
MPI to invest Cdn$5 million in truck driver training
April 16, 2007 by Canadian UnderwriterManitoba Public Insurance [MPI] intends to invest Cdn$5 million over the next three years in a training partnership aimed at Manitobas commercial trucking business.Over the next three years, annual injections of Cdn$1.65 million will help up to 750 Manitobans become…
Mortality rate of next pandemic will be lower than that of 1918 Spanish Flu
April 16, 2007 by Canadian UnderwriterPandemic risk is pretty much the same as always, even though it has disappeared from the medias radar, according to a report by Munich Re.Although the threat of a pandemic this winter had mainly disappeared from the media due to…